by The hydrogen combustion engine market is poised to grow significantly over the next decade aided by ongoing developments in hydrogen production and distribution infrastructure globally.
Hydrogen combustion engines utilize hydrogen as fuel to generate power through an internal combustion process. Hydrogen fuel can be used in modified petrol or diesel engines or purpose-built hydrogen engines. Compared to conventional internal combustion engines, hydrogen combustion engines emit only water and heat as byproducts and have potential to reduce dependence on fossil fuels. Manufacturers are actively working towards improving performance of hydrogen engines in commercial vehicles including cars, buses and trucks. The development of hydrogen refueling stations and pipelines is critical for the large-scale adoption of these engines.
The global hydrogen combustion engine market is estimated to be valued at US$ 49.23 Bn in 2024 and is expected to reach US$ 94.68 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.8% from 2024 to 2031.
Key Takeaways
Key players related content comprises key players AGCO Corporation, Ballard Power Systems Inc., BMW Group, Caterpillar Incorporated, Cummins Inc., Ford Motor Company, General Motors Company, Honda Motor Co. Ltd., JCB, Jaguar Land Rover Automotive plc, Mazda Motor Corporation, MAN Energy Solutions, Mitsubishi Heavy Industries, Renault SA, and Toyota Motor Corporation are investing in developing efficient hydrogen combustion engines and integrating them in trucks and buses.
The demand for Hydrogen Combustion Engine Market Size is expected to surge over the coming years due to stringent emission regulations and push for cleaner alternatives to conventional fossil fuels globally. Countries worldwide are announcing plans to expand their hydrogen infrastructure to drive the use of hydrogen powered vehicles.
Major automobile manufacturers are ramping up production of hydrogen vehicles and engines to capitalize on the growing hydrogen economy. They are also exploring partnerships for setting up hydrogen refueling stations. Government initiatives promoting use of green hydrogen are facilitating global expansion of hydrogen combustion engine market.
Market Key Trends
The recent progress in green hydrogen production technologies is a key trend boosting the adoption of hydrogen combustion engines. Technologies such as electrolysis for producing hydrogen using renewable electricity as well as carbon capture at production facilities are helping make hydrogen more environment-friendly and economically viable. Automakers are investing in improving efficiency and drivability of hydrogen combustion engines to drive their usage in commercial transport applications.
Porter’s Analysis
Threat of new entrants: New players find it difficult to enter this market as it requires huge capital investments and established distribution networks.
Bargaining power of buyers: Buyers have low bargaining power in this market as there are many existing players providing similar products.
Bargaining power of suppliers: Original component manufacturers have moderate bargaining power due to availability of component suppliers.
Threat of new substitutes: Threat of new substitutes is low as hydrogen engines provide better performance and efficiency than other alternatives.
Competitive rivalry: The market is highly competitive with major focus on technology innovation and customer satisfaction.
Geographical Regions
North America accounts for the largest share of the Hydrogen Combustion Engine Market Regional Analysis in terms of value owing to presence of major automakers testing hydrogen combustion engines for trucks and passenger vehicles.
Asia Pacific is expected to grow at the fastest rate during the forecast period driven by growing demand for emission-free vehicles and government initiatives supporting development and adoption of hydrogen infrastructure in countries such as China, Japan and South Korea.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
About Author - Priya Pandey
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